Most Advisers Handling Implementation of Fiduciary Rule Well

Avid
public debate continues regarding the U.S. Department of Labor (DOL) fiduciary
rule.

The
rule will undergo a DOL examination, and it could be amended or rescinded. Nevertheless, the rule went into force on
June 9, 2017, and Aite Group included questions on the DOL fiduciary rule in
its seventh annual survey of financial advisers to reveal the sentiment on the
front lines.

However,
more advisers indicate they have handle these things “well.” Half or more have
handled client communications (53%), keeping clients unaffected by fee changes
(51%) and product/pricing mix (50%) well. Among other rule preparation or
implementation activities, 47% have handled internal communications and
training well, 46% have handled technology/automation improvements well, 46%
have handled workflow changes to data collection well, 45% have handled
deciding a course of action well and 41% have handled adviser compensation
well.

Some
firms also report handling these things poorly in some ways and well in other ways.
Five percent each report handling technology/automation improvements and
keeping clients unaffected by fee changes poorly, while 4% each indicate they
have handled internal communication and training and adviser compensation
poorly.

The
survey report focuses on the responses of 152 financial advisers who actively
service retail retirement accounts and state they are familiar with the impact
of the DOL fiduciary rule in relation to working with clients.

Clients of Aite
Group’s Wealth Management service can download the report from here.